3 Reasons You’ll Still Need Estate Planning Even if the Death Tax Disappears

The white house and congressional Republicans released a tax reform plan involving the elimination of the federal estate tax, which the plan refers to as the death tax. Estate taxes have been in the crosshairs of many lawmakers for years because many see them as an onerous form of double taxation that takes money that has already in many cases already been subject to income tax.

“An advantage of eliminating the estate tax is that it allows some people to simplify their estate planning, avoiding the need for complicated strategies designed to reduce a potential tax bill to the IRS. Yet no one should be under any illusions that eliminating the death tax will make it unnecessary to do estate planning at all.”

There are at least three reasons why you will still need Estate Planning even if a tax reform successfully puts a stop to the federal estate tax.

You want your assets to go where they’re most needed

Some states will still have estate taxes

The need for federal tax planning wont go away

“Many will celebrate the elimination of the death tax if it gets through Congress and the White House. Yet even if the tax goes away, you still need to do basic things like writing a will or creating a trust to make sure your assets go where you want them to. If you neglect your estate planning, then you can end up causing financial and emotional pain to those you leave behind after your death.”

Attorney Karnardo Garnett represents clients with their Estate Planning, Elder Law and Asset Protection needs throughout the Tampa Bay Area, serving all of the bay area, including but not limited to Tampa, Brandon, Clearwater, St. Petersburg, Gibsonton, Riverview, Oldsmar, Safety Harbor, Hillsborough County, and Pinellas County, FL